eResonate Media Enters Agreement to Acquire Innovative Live-Streaming Technology from Livit Media
eResonate Media Corporation announced that it has entered into a definitive asset purchase agreement to acquire the technology and other assets from six-year old live-streaming technology company Livit Media. Upon closing of the transaction, Livit founder Adam Blazer will join eResonate as its Chief Experience Officer and as a member of eResonate’s Board of Directors. In April 2019, eResonate entered into an exclusive license agreement with Livit for its live-streaming technology specific to certain live-music performances. The two companies have been working closely since that time to develop a new online platform to enable music fans’ access to live performances of their favorite bands, initially to be broadcast from a nationwide network of 10,000+ live music venues. Recorded music streaming in the U.S. grew to 18 hours a week on average in 2019. Consumer habits are now accelerating even faster towards increased streaming as the global pandemic limits access to other sources of entertainment. Pervasive utilization of streamed entertainment is expected to remain the new normal, well beyond the end of the current pandemic.
Mr. Blazer founded JLTV (Jewish Live Television) in 2006, an online newspaper featuring reporter generated live streamed news stories. Over the last six years, Livit has become a trusted developer of software solutions designed to support high quality mobile live-streaming and interactive campaigns for some of the biggest brands and live events worldwide. Built upon over a decade of development and patented technological innovation, Livit has successfully deployed its services in support of brands, concert venues, and events such as Wimbledon, US Open, Fox Sports, YES, SXSW (South by Southwest), HBO, Vice, and Tyler the Creator. Livit Media has been dedicated to enhancing traditional live events with immersive streamed experiences designed to provide lasting connections between brands, events, and their fans. This year Livit built and deployed Frieze Viewing Room, a web and app service tied to a robust inventory management system which presented this year’s Frieze New York art show (100% virtual this year). Art sales during the one-week event reached approximately $10 million and the platform is considered a resounding success for Livit.
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Adam Blazer stated: “The eResonate transaction afforded us an opportunity to join an amazing team of highly credentialed and experienced professionals who are building an exciting new platform to better serve the large community of previously ignored music fans. Leveraging our streaming capture, production and distribution technology to tens of thousands of locations will be the culmination of a decade of hard work. It’s intensely satisfying to provide unique, compelling content to millions of music fans who, especially now, find themselves searching for a new professional form of compelling live music entertainment.”
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eResonate CEO, Michael Gisser commented: “Musicians are now more than ever seeking a better solution to help them reach and connect with their fans in a way that truly ‘eResonates.’ Small live-music venue owners feel unsure about reopening to the public, while wondering if they can remain economically viable. eResonate offers venues and musicians a new way to monetize live music performances to either augment or replace their reliance on beverage sales as a primary source of revenue. eResonate is bringing a long-awaited revolution in business for venues, musicians and fans.”